24 Grays Ln · Old Town, ME 04468

$260,000

4 bd · 1.0 ba · 1,292 sqft · SingleFamily public records · 129 Days on market

Built 1915 0.31 ac lot $201/sqft · 115% above area Est $289k · 10% under

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +12.0/15.0
• Cash flow +10.7/30.0
• Schools +6.8/10.0
• Livability +3.8/5.0
• DSCR +3.1/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +2.4/10.0

Listing remarks MLS

Built in 1915, this home features a bright main living area, flexible spaces, and a private backyard. In addition to the main 4-bedroom, 1-bath layout, the property includes a separate apartment with its own bedroom and bathroom—perfect for extended family, guests, or rental income. Located in a quiet neighborhood close to schools and local amenities, this home is ideal for families or first-time buyers looking for extra space and versatility.

Key facts

• Close to schools
• Private backyard
• Local amenities

Tags

• PRIVATE BACKYARD
• QUIET NEIGHBORHOOD
• CLOSE TO SCHOOLS
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (8.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (22.3% below list).
• Recommended offer: $202k (22.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#38 in ME, #3,905 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• RSU 34 (suburban): math 81% / reading 83% proficiency, ranked #80 of 112 in ME (top 71%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 46 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 440 units permitted in Penobscot County in 2024 (40 in 5+ unit buildings).
• This rent runs 43% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Penobscot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $140k; list at $260k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $201,919 (22.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.78% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• GRM: 10.7

CMA / ARV

• ARV (median comp): $288,555
• List price: $260,000
• Delta: -9.90%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126 Bosworth St	0.11mi	3/1.0 (-1)	1,262 (-2%)	10mo	$217,000	$172	78
200 Fourth St	0.61mi	5/1.0 (+1)	1,343 (+4%)	1mo	$190,000	$141	60
488 Main St	0.48mi	3/1.0 (-1)	1,188 (-8%)	2mo	$239,000	$201	58
399 4th St	0.42mi	3/1.5 (-1)	1,250 (-3%)	13mo	$184,000	$147	57
26 Elm St	0.63mi	3/2.0 (-1)	1,305 (+1%)	6mo	$209,000	$160	55
108 Middle St	0.49mi	3/2.0 (-1)	1,368 (+6%)	9mo	$264,900	$194	51
58 Elm St	0.61mi	4/1.0	1,182 (-8%)	8mo	$60,000	$51	51
87 Veazie St	0.70mi	4/1.5	1,355 (+5%)	9mo	$215,000	$159	50
231 Brunswick St	0.31mi	3/1.0 (-1)	1,456 (+13%)	16mo	$282,000	$194	46
20 Gilmore Ct	0.54mi	5/1.0 (+1)	1,202 (-7%)	14mo	$133,201	$111	46
150 Middle St	0.60mi	3/1.5 (-1)	1,200 (-7%)	12mo	$268,000	$223	44
17 Wilson St	0.73mi	3/1.0 (-1)	1,377 (+7%)	15mo	$227,900	$166	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.7%
• Equity multiple: 0.31×
• Total profit: $-49,981
• Equity at exit: $38,767

10-year hold

• IRR: -12.5%
• Equity multiple: 0.26×
• Total profit: $-53,681
• Equity at exit: $22,480

Cash invested: $72,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 41 Moderately Tenant-Leaning
• State Maine: 41 Moderately Tenant-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

Portland has rent control referendum (2020); strong habitability; security deposit caps.

Methodology + full state rankings →

ZIP-level market 04468

• Home prices YoY: -1.8%
• Active inventory: 46
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,019 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$246 /mo · $2,956/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $-123

Break-even live

Break-even rent $2,175

Max offer price $238,276

Occupancy floor —

Sensitivity live

Price	-10% $24	-5% $-49	+0% $-123	+5% $-197	+10% $-270
Rent	-10% $-282	-5% $-203	+0% $-123	+5% $-43	+10% $37
Rate	-1.0pp $8	-0.5pp $-57	base $-123	+0.5pp $-190	+1.0pp $-259

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13 Eaton St Old Town, ME	3.0	1.0	1200	$2,100	$1.75	45d	1	0.50mi
41 County Rd Milford, ME	3.0	2.0	1000	$1,500	$1.50	45d	1	0.51mi
53 Perkins Ave Apt 1 Old Town, ME	3.0	1.5	1400	$2,100	$1.50	45d	1	0.53mi
21 Jefferson St Unit 5 Old Town, ME	3.0	2.0	1250	$1,795	$1.44	45d	1	0.85mi
128 Jefferson St Old Town, ME	3.0	1.0	1300	$1,850	$1.42	45d	1	0.87mi

Listing history 32 events

1. 2026-06-21
   days on market $260,000 Active 129 DOM
2. 2026-06-19
   days on market $260,000 Active 127 DOM
3. 2026-06-18
   days on market $260,000 Active 126 DOM
4. 2026-06-17
   days on market $260,000 Active 125 DOM
5. 2026-06-16
   days on market $260,000 Active 124 DOM
6. 2026-06-15
   days on market $260,000 Active 123 DOM
7. 2026-06-14
   days on market $260,000 Active 121 DOM
8. 2026-06-13
   days on market $260,000 Active 120 DOM
9. 2026-06-10
   days on market $260,000 Active 118 DOM
10. 2026-06-09
    days on market $260,000 Active 117 DOM
11. 2026-06-08
    days on market $260,000 Active 116 DOM
12. 2026-06-07
    days on market $260,000 Active 115 DOM
13. 2026-06-02
    days on market $260,000 Active 110 DOM
14. 2026-06-01
    days on market $260,000 Active 109 DOM
15. 2026-05-31
    days on market $260,000 Active 108 DOM
16. 2026-05-30
    days on market $260,000 Active 107 DOM
17. 2026-02-12
    listed $260,000 Active 453-char remark

    Show marketing remark (453 chars)

    Built in 1915, this home features a bright main living area, flexible spaces, and a private backyard. In addition to the main 4-bedroom, 1-bath layout, the property includes a separate apartment with its own bedroom and bathroom—perfect for extended family, guests, or rental income. Located in a quiet neighborhood close to schools and local amenities, this home is ideal for families or first-time buyers looking for extra space and versatility.

18. 2023-09-20
    historical $2,600
19. 2023-09-12
    listed $2,600
20. 2023-08-21
    historical $2,600
21. 2023-07-20
    listed $2,600
22. 2022-08-17
    price $2,500
23. 2022-02-24
    historical 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

24. 2022-02-22
    soldstatus $140,000 Closed 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

25. 2021-11-18
    status Pending 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

26. 2021-10-29
    price $139,900 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

27. 2021-10-04
    price $149,900 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

28. 2021-09-16
    price $159,900 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

29. 2021-09-16
    status Active 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

30. 2021-09-10
    status Pending - Continue to Show 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

31. 2021-08-30
    price $169,900 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

32. 2021-07-29
    listed $179,900 Active 784-char remark

    Show marketing remark (784 chars)

    This long-time family home has had the same owner since 1978. During that time there is a list of upkeep performed on the property from current owners that includes but not limited to, spray insulation, roofing, furnace, siding, and windows. The 1.75 story garage has a 750SF finished game room and half bath on 2nd level. The property is tastefully landscaped and the 2 driveways along with the separate entrances to the space above the garage gives ample opportunity for apartment or mother-in-law space. Please check with town for further use. Home has enclosed porch, first floor laundry, updated kitchen, deck and vegetable garden. OTELCO Expanding Its Lightwave Fiber Internet Zone into Old Town and Orono, so it will have best service in the area! Make your appointment today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast ME · Partial reset (capped growth)

• Current annual tax: $2,956 · $246/mo
• Projected year-2 tax: $3,246 · $270/mo
• Expected delta: +$290/yr (+$24/mo · 9.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,230
• − Mortgage interest: −$14,564
• − Property taxes: −$2,956
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,938
• − Management: −$1,938
• − Depreciation: −$7,564
• Taxable loss: −$6,030
• Est. tax savings @ 24.0%: +$1,447
• After-tax cash flow: $-28/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: RSU 34
• NCES district ID: 2314782
• Math proficiency: 81% ▲ 48.00%
• Reading proficiency: 83% ▲ 31.00%
• Median HH income: $39,466
• Composite: 68.31/100
• National rank: #351
• State rank: #80 of 112 in ME

Livability — Old Town

• Score: 75/100
• State rank: #38
• US rank: #3905

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Town, ME
• County: Penobscot County · 81,539 people
• City population: 9,291
• Metro: Bangor, ME
• Population (ZIP): 9,291
• Household income: $56,358
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 334.0

Population outlook (Penobscot County) Hauer SSP2

• Today (2025): 149,928 people
• By 2030: 146,386 · -2.4%
• By 2040: 135,952 · -9.3%
• By 2050: 123,864 · -17.4%
• By 2075: 97,825 · -34.8%
• By 2100: 77,196 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Native American 6% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 18% Slovak 4% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Penobscot

• 2024 margin: R (+10.9) · D 43.6% · R 54.5% · Other 1.9%
• 2008→2024 swing: -15.9pp toward R · 2008: 5.0pp · 2024: -10.9pp
• All cycles: 2024: R+10.9 2020: R+8.3 2016: R+10.9 2012: D+2.9 2008: D+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -5.29%
• Current HPI: 285.3183
• Rent YoY: —
• Metro: Bangor, ME
• State GDP YoY: —
• F500 in state: 0

Price history

+44.5% since first listed

16 events — show timeline

• 2026-02-12 Listed $260,000 MREIS
• 2023-09-20 Rental Removed $2,600 BUILDIUM
• 2023-09-12 Listed for Rent $2,600 BUILDIUM
• 2023-08-21 Rental Removed $2,600 BUILDIUM
• 2023-07-20 Listed for Rent $2,600 BUILDIUM
• 2022-08-17 Price Changed $2,500 BUILDIUM
• 2022-02-24 Delisted — MREIS
• 2022-02-22 Sold (MLS) $140,000 MREIS
• 2021-11-18 Pending — MREIS
• 2021-10-29 Price Changed $139,900 MREIS
• 2021-10-04 Price Changed $149,900 MREIS
• 2021-09-16 Price Changed $159,900 MREIS
• 2021-09-16 Relisted — MREIS
• 2021-09-10 Pending — MREIS
• 2021-08-30 Price Changed $169,900 MREIS
• 2021-07-29 Listed $179,900 MREIS

Property tax history

+3.1%/yr

Latest (2024): $2,956 · +0.0% YoY. Source: county tax records.